Luxottica-Opsm, a Special Dividend for Shareholders

Opsm, the Australian optics company for which Luxottica intends to launch a takeover bid, announced yesterday that part of the 550 million dollar purchase offer could be paid to shareholders as a special dividend.

The Agordo-based company is offering 3.90 dollars per share: according to the Australian company, the shareholders who intend to accept Luxottica's offer should immediately receive 3.80 dollars in cash and a special 10-cent dividend. Opsm stated that the special dividend will be paid irrespective of the outcome of the bid. The Australian group's shares are stable at 3.86 dollars in a generally stable market. When the bid was announced in April, stock grew by 21%.

The boss of Opsm, Jonathan Pinshaw, said he was confident that the takeover bid would go ahead, despite early resistance by some shareholders. 'I believe that any manager who looks at the facts', he said, 'would consider it to be a very fair offer'.